Archive for Columbia

Atlanta-based Preferred Apartment Communities announced Thursday that it has acquired Irmo Station, a nearly 99,619-square-foot shopping center at 7467 St. Andrews Road. The shopping center is anchored by a 56,942-square-foot Kroger grocery store.

The facility was bought through Preferred Apartment’s Market Properties LLC.

The company financed the acquisition utilizing a non-recourse first mortgage loan from Nationwide Mutual Insurance Company. The first mortgage loan is approximately $10.65 million, bears interest at fixed rate of 3.94% per annum and matures on July 26, 2030. There are no loan guaranties provided by PAC or its operating partnership.

TMC Transportation has paid $2.3 million to acquire the former Thermo King location on Shop Road to serve as a trucking terminal, according to the commercial real estate firm Newmark Wilson Kibler.

The purchase expands the Des Moines, Iowa-based, employee-owned open deck transportation company’s presence in the Midlands, the release added.

“TMC is excited to continue its growth and presence in the Southeast with this latest acquisition,” Jason Webb, executive vice president of asset management, said in a statement. “We look forward to beginning the development of a 44-acre, cutting-edge trucking terminal to support our fleet and train America’s best truck drivers.”

The location includes 17,000-square-foot building that was building in 1998 with 19-foot ceilings and 13 drive-in doors, according to a property flyer on the Wilson Kibler website.

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While Integra Realty Resources has offices all over the United States and the Caribbean, the market coverage that Integra has in the Carolinas is unmatched. We have offices in Charlotte, Raleigh, Columbia, Greensboro and Charleston. To give you an idea of the markets that we have worked in, check out the map below. These are the appraisal assignments that our Carolinas appraisers have completed…..just so far this year. Call me if I can assist with your appraisal needs in the Carolinas.

Mauldin, South Carolina: Keith Jones, CCIM of NAI Earle Furman represented the seller, Regional Management of South Carolina, in the sale of two office buildings totaling 8,273 SF located at 507 & 509 West Butler Road to JTB, LLC.

Chesnee, South Carolina: Stuart Smith of NAI Earle Furman represented the seller, Peggy H. Phillips Living Trust, in the sale of 9.5 acres of land located at 2408 Bryant Road to Gibson and Gibson Property.

Spartanburg, South Carolina: Andrew Babb of NAI Earle Furman represented the seller, First South Bank, in the sale of a 41,000 SF retail building located at 174 East Main Street to Good Wal Aug Smith, LLC.

Pauline, South Carolina: Kevin Pogue of NAI Earle Furman represented the purchaser, William & Stephen Freeman, in purchasing 6.21 acres of land on Stagecoach Road from Sylvia Knox.

Piedmont, South Carolina: Towers Rice, CCIM of NAI Earle Furman represented the seller in the sale of 20.43 acres of land located on Durham Road to Kevin Gilreath.

Anderson, South Carolina: Bernie Bastian and John Powell, CCIM of NAI Earle Furman represented the seller, 3B & V Properties, LLC, in the sale of a 7,000 SF retail property located at 134 North Main Street to Rogue Holdings, LLC.

Greenville, South Carolina: Earle Furman, Jr., SIOR and Bill Sims of NAI Earle Furman represented the seller, Creek and Company, LLC, in the sale of a 6,000 SF office building located at 115 Halton Village Circle to Bank Building R, LLC.

Spartanburg, South Carolina: Cole Morris of NAI Earle Furman represented the seller, Westside Holdings, LLC in the sale of a 108-unit self-storage facility located at 115 John Dodd Road to 512 Holdings, LLC.

Greenville, South Carolina: John Baldwin, CCIM of NAI Earle Furman represented the seller, 3H & S, LLC, in the sale of a 19,000 SF industrial building located at 108 Park Place Court to Richfair Holdings, Inc.

Greenville, South Carolina: Alex Campbell of NAI Earle Furman represented the seller, GHS Health Resources, Inc., in the sale of a 6,582 SF office building located at 81 Pointe Circle to T. Bishop Properties Corp.

Seneca, South Carolina: John Gray, CCIM and Drew Stamm of NAI Earle Furman represented the seller, James Hanahan, Jr., in the sale of the Upstate Family Medicine building, a 9,743 SF office investment property leased to Greenville Health System and located at 12016 North Radio Station Road, to NV, LLC.

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HomeUnion, an online real estate investment management firm, has named the top 10 best housing markets for single-family rental (SFR) home investors in the first quarter, as well as the worst markets for investors. Once again, Cleveland has has earned the top spot with a cap rate of 11.5 percent and a median investment home price of $75,512. Columbia, SC ranks #3.

“For the past two years, we have been tracking the investment and owner-occupied housing markets,” explains Steve Hovland, director of research for HomeUnion. “And metros in the Midwest and Southeast always earn top billing because of their low entry prices and moderate rents. Cleveland has often ranked at the top – or near the top – of the best places to purchase a single-family rental (SFR) property,” he shares.

Here are the top markets for residential real estate investing in the first quarter, based on first-year returns:

The Columbia office market saw a vacancy of 9.4% at the close of the first quarter 2017, decreasing from 9.8% at the end of 2016. Average rental rates dropped modestly and leveled off at $17.31 square feet (SF), following the highest rate in two years at $17.49 SF in 4Q16. Net absorption for the Columbia office market was positive ±78,643 SF in the first quarter compared to negative ±23,183 SF in 4Q16, the majority of absorption reflecting Class A space.

Continued interest in the Central Business District (CBD) explains the high rental rates (even with a slight downtick this quarter) while costs for tenant improvements are also increasing. Many local tenants are following the lead of companies like Electric Guard Dog, vacating their space in suburban Columbia to set up their headquarters in ±20,572 SF at the new Innovation Center on the University of South Carolina campus. Womble Carlyle Sandridge & Rice, LLP is another example of the desire to be the in heart of the CBD, vacating its office on Hampton Street and subleasing ±8,760 SF of Class A tower space at 1221 Main Street.

Newmark Grubb Wilson Kibler, a leading real estate services firm, has released its market reports for first-quarter 2017. Columbia’s industrial and office real estate markets showed lower vacancy rates over the previous quarter, reflecting a healthy market overall.
The Columbia office market vacancy fell six percentage points from the previous quarter to 6.5%- the lowest rate the market has seen in a decade.

Rental rates remained steady during the first quarter, with a mere 0.1% increase from $15.79/SF from $15.78/SF at the end of the fourth-quarter 2016. The Class A sector boasted rates of $20.78/SF, while Class B rates held strong at $14.96/SF and Class C at $13.27/SF. North Columbia led across classes with the highest rental rates in the market, averaging $23.13/SF.

One building was delivered during first-quarter 2017, totaling 2,500 square feet. This compares to one building totaling 4,300 square feet completed in fourth-quarter 2016. 74,460 square feet of office space remained under construction in the Columbia market by the end of the quarter.

Most members of the Bull Street Commission, a seven-member board appointed by Columbia City Council, said Monday that they are satisfied with progress at the former State Hospital despite raised expectations of a sprawling retail complex that so far have not materialized.

“I still feel the project is coming along at a reasonable pace,” said member Rebecca Haynes, a former president of the Earlewood Community Citizens Organization. “I think it’s way too early in a 20-year project for anyone to start throwing stones.”

But one member, Ellen Cooper, president of the Coalition of Downtown Neighborhoods, said she thinks the project is moving too slowly.

“I’ve been disappointed that more has not happened over there,” said Cooper, a new commission member who lives in nearby Cottontown. “They are doing a good job, but it seems like it’s moving so slowly.”

According to Axiometrics, there has been sufficient development activity at the University of South Carolina over the last few years, with nearly 3,000 off-campus beds delivered from 2014-2016. On average, supply has outpaced demand, but more than 40% of students are living in something other than purpose-built student housing.

Rent levels are growing for most properties compared to last fall. However, leasing velocity is slowing for many properties in the market. Prelease is averaging 54% as of February, down more than 600 basis points (bps) from last February. Older assets, especially those located more than one-half mile from campus, sustain the most impact from new supply.

Bobbitt Design Build recently completed phase one of renovations to a 6,500-square-foot gymnasium for Autism Academy of South Carolina (AASC) located at 1505 Blanding Street in Columbia.

AASC – a non-profit organization helping children with autism to acquire necessary life skills – will use the gym as a recreational space for students and a training area for staff. In the future, the non-profit organization plans to make the facility a fully functional event space.

Initially, Bobbitt became involved with AASC through a service project with Leadership Columbia, which involved repairing classrooms in the building. The group also wanted to restore the gymnasium that was closed due to its dilapidated condition; however, the amount of work needed to restore the area was beyond the capabilities of the volunteer group.

AASC received a grant to pay for a portion of the renovations, but funding did not cover the entire cost. After discussions with AASC staff, Bobbitt developed a phased renovation plan with manageable budgets for each stage. This approach enabled AASC to identify monetary goals needed to achieve short-term and long-term targets for the space. Together, Bobbitt and AASC determined the appropriate scope of work for phase one to restore the gym as a usable space for the school.

Columbia’s Main Street is becoming an “18-hour district” because of the growing number of dining, entertainment, cultural and residential opportunities, according to a report released Friday by Colliers International.

“A resurgence in the downtown area as a place to live, work and play is creating a vibrant, eclectic Main Street,” the report said. “Higher residential density, new anchors and the expansion of entertainment and cultural venues are all drivers increasing interest in urban retail to serve the area. In turn, this has inspired a wave” of retail redevelopment.

Here are highlights from the report:

Residential Growth

A “recent boom” in the number of residents downtown has been driven by new housing complexes for students and young professionals. Millennials and young professionals are moving from the suburbs to downtown, the report said, “where they can live, work and play near their home.”

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ARA Newmark has arranged two sales of student housing assets near the University of South Carolina and the University of North Carolina at Greensboro.

The sales totaled more than $50 million. In the first transaction, Pittsburgh-based Campus First Student Living purchased The Club at Carolina Stadium in Columbia from Aspen Square Management for $30.5 million. Situated directly across from Carolina Stadium, the 240-unit, 486-bed asset was fully occupied at the time of sale.

In the second deal, Shanghai-based private equity fund OC Ventures and operating partner SkyeCroft Realty purchased Sterling Cottages at West End in Greensboro from Houston-based The Dinerstein Cos. for an undisclosed price. Built in 2011, the 176-unit, 600-bed asset was 93 percent occupied at the time of sale. Ryan Lang of ARA Newmark’s Student Housing group in Austin, Texas, represented the sellers in both transactions.

Campus Advantage announced the takeover of six properties, including two near the University of South Carolina campus.

The Austin, Texas-based group is the sixth-largest student housing owner/operator in the United States providing property management, consulting, acquisitions and development services.

In November, Campus Advantage announced a collaboration with Saban Real Estate and a three-phased acquisition plan for a 19-property American Campus Communities (ACC) portfolio. The first phase, which closed on Nov. 16, included eight tier one university student housing properties for the University of Missouri, Louisiana State University, and the University of Alabama.

The two USC properties, University Oaks in Columbia and Garnet Riverwalk in West Columbia, are part of phase two. Campus Advantage also added two properties at Penn State and East Carolina.

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Welcome to the South Carolina Real Estate News website. Every day, newspapers and periodicals publish articles that are of value to real estate professionals - for nine years now, we have provided a simple place to access this news. Over 500,000 visitors have found it a good source of information. Additional statistical data and property value trends will be presented from various sources. My appraisal firm, Integra Realty Resources - Columbia provides commercial appraisals in Columbia, Greenville, Charleston, Myrtle Beach, Aiken, Florence and other areas of the Carolinas.